When you’re at the point in your life where you’re serious about buying a superyacht, you’ll want to make sure you know all the ins and outs of such a large investment. One of the many questions you may be asking yourself is: should I use a broker to buy a superyacht? The short answer is that, if you want a smooth, thorough buying process, you should use a broker when considering superyacht sale and purchase.
Should I Use a Broker to Buy a Superyacht?
It’s not every day that someone finds themselves in a position to be able to buy a superyacht. From those famous music artists to business leaders, many have helped take the hobby of yachting to another level with unbelievable amenities and features on these vast yachts.
But before you take on this important decision, take a moment to consider the benefits of using a broker to help you make that purchase. A broker can assist you with everything you need for a seamless, legal, and satisfying purchase. At Simpson Marine we have 25 experienced yacht and superyacht brokers who can handle this important life project for you with professionalism and confidence. Your investment will be handled in full transparency and business partnership.
What Are the Benefits of Using a Broker?
Many people wonder, why use a yacht broker when buying a boat? When you buy a home or mansion, you usually work with a real estate agent. A broker for a yacht does the same kind of work a real estate agent does, but instead for buying a boat.
With a yacht broker steering your purchase, you can have access to all of the information about what is currently available and even what’s about to come onto the market. A broker also guides you through the complicated and detailed process of what you will need both before and after the purchase of your superyacht.
Hiring a Yacht Broker Costs Nothing
If nothing else about hiring a yacht broker makes you want to work with one, it might help to know that it costs you nothing to hire one. Commissions are usually 10% and are typically paid by the seller. Having someone in your corner with your best interests in mind is worth more than the nothing it will cost you.
Start Off on the Right Foot With a Broker
Hiring a broker for your superyacht purchase is in a buyer’s best interests. When a broker executes a deal for a boat between buyer and seller, they know that their client’s satisfaction can make or break their reputation.
A broker has to pull off flawless transactions to continue to maintain successful working relationships. You’ve got almost nothing to lose and everything to gain when you hire a superyacht broker.
When you decide to use a broker while looking for the perfect superyacht for you, you’re going to want to do your research about different brokers. Your search should begin by looking for an experienced broker who specialises in the types of superyachts you’re thinking of buying.
Another consideration is to check out brokers that operate as a team rather than individually. One broker per client doesn’t always result in a thorough, diversified experience.
Getting the Details Down
One of the first things you should do when communicating with a potential yacht broker is to work out what exactly you need throughout your buying experience. A good broker will know what to ask and can use your needs to narrow down your focus and budget for potential superyacht purchases.
Also, consider the possibility that the superyacht you choose may not be purchasable in your home country’s waters. Make sure to have a thorough discussion about whether or not the broker will be able to help you navigate the purchase of a superyacht on foreign seas.
Getting the Money
Most people interested in buying a superyacht can afford one, but not everyone can put up that kind of investment upfront. A broker can guide you through the loan application process to get you pre-qualified for a boat loan.
If you know what you can spend, it can make the search and negotiation process go much smoother. Your broker can also get you set up with marine insurance, which is a must with a purchase of this magnitude.
Brokers Are Paperwork Pros
Any good broker knows that there’s a lot of paperwork that needs to be completed throughout the buying and selling process of large boats. Whether that paperwork is completed via hard copy or digitally, anyone without a broker would be overwhelmed with the amount of paperwork that is required with the transaction.
Some of the paperwork a broker can guide you through includes documentation for the type of superyacht you wish to purchase, validation of your citizenship, the financial responsibilities in the country where the yacht is being purchased, and more.
You are also spared the tedious process of verifying any liens, contingencies, agreements, and contracts connected to any vessel for sale. Not using a broker to help with the paperwork alone can leave a buyer high and dry.
Try Before You Buy
An experienced broker would never allow you to purchase a superyacht without taking it out on the water. Your broker can also set up hiring marine surveying services when they arrange for you to take out the boat.
The surveyor can inform you about the current condition of the yacht and call your attention to any possible issues that can impact safety and functionality. The broker should be able to tie together your trial, surveying, and anything else that you might need with each test run.
Purchase Negotiations
No matter how good you think you are at negotiations, using a broker when buying a superyacht is smart. The ins and outs of yachts, price points, and negotiable factors can be foreign to someone who is used to brokering their dealings in the business world. Your broker knows every little detail that they can use to negotiate the best price for both you and the seller.
Keep Your Money Safe
When you hire a broker to facilitate the purchase of a superyacht, everything about the process is designed to protect you and your interests, including your money. A seasoned broker often uses an escrow account to make sure the buyer’s money is safe and ready for final purchase.
Another task your broker will take on is to make sure that the yacht you’re interested in doesn’t have any current loans or liens on it. Without this protection from using a broker, you could stand to lose out on a sale as well as your hard-earned funds.
Long-Term Relationships
When you decide to work with a broker in your search for the perfect superyacht, you’re likely to find a new friend who shares your interests. A broker has access to so much information that a yacht enthusiast may want or even need.
You might expect your broker to hang around before and during the purchase of your boat, but the benefits of having a broker in your life provide so much more. Your broker is likely to have information about anything relating to boating. They can let you know about classes, how to set a course for a new adventure, help you find yacht clubs, boat races, and more.
At the very least, your broker can only make your superyacht buying experience better from the beginning and keep that going for some time to come.
It Makes Sense to Have a Broker by Your Side
When you use a broker to help you buy your dream superyacht, you’re getting the best possible navigation through the purchasing process and beyond. A broker’s sole purpose is to make sure that your buying process is the best one possible. You absolutely should use an experienced and reputed broker when you want to buy your own superyacht.
30th June 2023
